42 fewer offshore rigs active in one year

A count performed by oil service company Baker Hughes shows that there were 42 fewer oil rigs actively deployed in May 2015 compared to the same month last year. This development is largely caused by the low oil price and the oil companies' investment slowdown.

Photo: COSL

In May 2015 there were a total of 284 offshore oil rigs actively deployed worldwide. This number represents a decline of 16 from April this year and a decrease of 42 active offshore oil rigs from the 326 registered in May 2014, according to a survey performed by oil service company Baker Hughes, which has been publishing its so-called Rotary Rig Count since 1944.

The slide in the number of active, oil producing rigs is mainly attributed to the lower oil price and the oil companies' investment slowdown and cost reduction efforts.

Read the whole article

Get 14 days free access.
No credit card required.

An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

IKEA sustainability manager: Green solutions should not cost more

As a starting point, furniture giant Ikea won't accept that green solutions become more expensive than polluting solutions, says Elisabeth Munck af Rosenschöld, Global Sustainability Manager for Supply Chain Operations, to ShippingWatch. Ikea is part of an alliance of global companies that calls for green shipping by 2040.

Long Beach logjam of container vessels grows to 80

Bottlenecks at major US container ports in continue to grow, with the ports of Long Beach and Los Angeles being the worst hit at the moment. Here, 80 vessels are waiting to berth, according to new figures form Vessels Value.

Further reading

Related articles

Trial banner

Latest news

See all jobs